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Chinese domestic prices of rebar should continue tracking upward over the short term as market players envisage the robust demand for the construction steel product continuing to linger, market sources shared on April 24. But they warned that prices were unlikely to refresh last December's 74-month high anytime soon.
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Bengang Steel Plates Company, the Shenzhen-listed arm of China's Benxi iron & Steel Group (Bengang Group), plans to produce 9.2 million tonnes of crude steel in 2018, or up 3.4% on year, according to the company's 2017 annual report released on April 20.
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China's steel industry has managed to return to the track of concentration since 2017 thanks to Beijing's efforts in excess steel capacity cuts and environmental protection, the China Iron & Steel Association notes.
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Tertiary industry and consumption have been with growing significance to China's economic development, with both contributing to over 60% of the country's 6.8% gross domestic product growth in the first quarter of 2018, according to an explanatory note by China's National Bureau of Statistics (NBS) on April 19.
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China's overseas investment grew for the fifth consecutive month in March, leading to a 24.1% year-on-year growth to $25.5 billion for the first quarter of this year, according to the latest statistics released by China's Ministry of Commerce.
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The surprise announcement late last month by Chinese Premier Li Keqiang of a one percentage point reduction in the country's value-added tax (VAT) effective May 1 is being awaited by the country's steel sector with positive anticipation, Mysteel has learned.
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Global steel demand is expected to reach 1.62 billion tonnes in 2018, an increase of 1.8% on year, according to a new forecast issued by the World Steel Association (WSA) in its Short Range Outlook tabled on April 17. The WSA also estimated that world steel demand next year would hit 1.63 billion tonnes, or up 0.7% on year.
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China's fixed asset investment registered Yuan 10 trillion ($1.6 trillion) for the first three months of this year, according to the latest data from National Bureau of Statistics published on April 17.
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China's domestic steel prices for 2018 are unlikely to repeat the gradual and persistent uptrend pattern as seen in 2017, and the steel prices' pullback at the end of the first quarter has been unavoidable to some extent, Chen Derong, general manager of China's Baowu Steel Group, commented when speaking at the Boao Forum for Asia on April 10 in South China's Hainan province.
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Sales of excavators in China in March leapt by 78.9% on year to 38,261 units, according to the latest statistics released by China Construction Machinery Association (CCMA) on April 8. Last month's total was the highest for any March since March 2011, the data show. CCMA's survey canvasses the performance of China's twenty-five leading excavator makers.
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China's Ministry of Finance announced on Monday that China will suspend tariff reductions and impose duties of up to 25% on 128 goods imported from the US to balance the losses to its economy Beijing claims will result from Washington's tariff hike on steel and aluminum.
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China' s Purchasing Managers' Index (PMI) for the domestic manufacturing industry rose 1.2 basis points month on month to 51.5 in March, indicating that the country's manufacturing sector has been steadily improving, according to the latest release by China's National Bureau of Statistics (NBS) on March 31.
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Japan's ferrous scrap price setter, Tokyo Steel Manufacturing, slashed buying prices of all grades of scrap delivered to all its works by Yen 1,000/tonne ($9.4/t) from March 31 deliveries, the mini-mill announced in a post on its website.
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China's steel industry will rise to a "new stage" this year as steelmakers continue upgrading facilities and concentrating on producing higher quality steel products, according to a forecast released on March 29 by the China Chamber of Commerce for Metallurgical Enterprises (CCME).
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China's steel producers have broadly welcomed Wednesday's announcement on the official government website of a one percentage point cut in the country's value added tax (VAT) to 16%.
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South Korea's steelmakers will be able to export up to 2.68 million tonnes of steel to the US per year free from the recent controversial 25% import tariff, under a deal Korea's trade minister Kim Hyun-chong thrashed out in Washington last week.
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China's domestic steel prices are still under downward pressure, and they will hit the bottom in the near or medium term once the window of exports is open, Xu Xiaoqing, chief economist from DH Fund Management, predicted at a recent iron ore event in Qingdao, East China's Shandong province.
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Mysteel's Q235 Tangshan billet benchmark, the weathervane of the Chinese steel market, slumped Yuan 140/tonne ($22.1/t) day on day to Yuan 3,370/t EXW including the 17% VAT on March 23, or a new low since July 11 2017, as the imminent Sino-US trade war enhanced the pessimism in the domestic steel market, sources shared on Friday.
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China's Ministry of Commerce (MoC) plans to impose or increase taxes on some products from the US to balance off the losses China will be suffering because of the US' decision on levying imported tariffs on China steel and aluminum products under the 232 investigation, according to a MoC statement on March 23.
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China's third- and fourth-tier cities are expected to be the main support amid a slowing domestic property market, officials from China's property development companies agreed while presenting at the 2018 Mysteel International Iron Ore Market Seminar that just closed in Qingdao, East China's Shandong province.
